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> When has banking not been a service? If I understood right, the product here was selling banking services to other companies to build their own products on t
by distances 2y ago
> When has banking not been a service?
If I understood right, the product here was selling banking services to other companies to build their own products on top of that. That's not a "banking service" in the typical sense, and I think the naming is correct.
- namaria 2y ago> selling banking services > not a "banking service" You seem to have contradicted yourself. Banking is a service in every instance of the word "banking" here. Appending "as a service" doesn't add meaningful information, it just make technology people sound outta touch with the reality of other business domains.
- croes 2y agoIt pretty simple. Banking service is the service of a bank. BaaS is the service of a middleman who sells the banking service of a bank to its customers. Synapse isn't a bank.
- scrubs 2y agoYah ... not a bank ... that makes it worse!
- distances 2y agoNo, it differentiates actual banking services from a service sold for companies to build products upon, so likely a set of APIs. There needs to be different naming for these concepts, and BaaS is a good and descriptive name for it.
- downvotetruth 2y agoBaaS is terribly ambiguous; "reseller" & "aggregator" are already used and well known in other industries. VCs with more money than brains just getting schooled trying to be hip.
- namaria 2y agoWhat's wrong with calling baking software "baking software"? The "as-a-service" everything tag is become marketing hype. It is not meaningful analysis. But at this point we can just agree to disagree. I think adding 'as-a-service' to everything and trying to 'disrupt' everything makes us look bad. You may think it looks good. Matter of opinion.
- distances 2y agoFor me "banking software" would imply end user software you use for banking, either as a consumer or as a company. Not something to build upon. > Matter of opinion. Indeed, there's going to be different views on these things so let's leave it there.
- croes 2y agoBanks are regulated and have protection systems for their customers. BaaS provider aren't regulated in the same way. So it's good if they have a different for a service from a different entity.